Actually, I think this stock is pretty impressive. Despite such a large volume, the price hasn't dropped much. When it comes back down to around 0.05, I'll buy back the physical shares and wait for it to surge.
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liyf2022
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I've been looking at $NIGHT
There's one point that I find quite interesting and crucial:
The significant drop in prices actually happened before the Bybit event rewards were distributed.
Yesterday morning, NIGHT dropped from 1.1 all the way to 0.7, but the Bybit rewards were only unlocked around 6 PM that evening. This means that the actual time to "receive the reward tokens" hadn't arrived yet, and the market had already taken a downturn. This kind of timing misalignment is worth pondering.
My understanding is that many people do not wait for the rewards to arrive before selling; instead, they take action early. After all, those participating in exchange activities have a low cost, and everyone knows: there will be an additional batch of tokens released at the scheduled time, so it’s better to sell early rather than take on someone else's selling pressure. Therefore, it's not surprising that prices fell first; in fact, it aligns well with real trading behavior.
Especially for activities like those on Bybit, most participants lean towards short-term trading and arbitrage, with a simple goal—turning the tokens into cash; they don't tend to get caught up in long-term value. As long as this expectation develops a consensus in the market, it's actually a natural outcome for prices to weaken ahead of time.
So looking back, this round from 1.1 to 0.7 seems more like the market has digested the Bybit rewards in advance rather than being suddenly hit when they were unlocked. Those who understand should have hedged or opened a short position early on.
Now, at this 0.8 position, can it hold?
It basically depends on the performance after the Binance trading competition ends. The Binance event ends at Christmas, and if the event stops, trading volume decreases, and prices loosen, it likely indicates that this is not the endpoint.
In the next few days, there’s really no need to overthink it; just watch the trend after the Binance event ends. If it doesn’t go up, it’s likely to crash. At that time, assess the situation and open positions accordingly.
There's one point that I find quite interesting and crucial:
The significant drop in prices actually happened before the Bybit event rewards were distributed.
Yesterday morning, NIGHT dropped from 1.1 all the way to 0.7, but the Bybit rewards were only unlocked around 6 PM that evening. This means that the actual time to "receive the reward tokens" hadn't arrived yet, and the market had already taken a downturn. This kind of timing misalignment is worth pondering.
My understanding is that many people do not wait for the rewards to arrive before selling; instead, they take action early. After all, those participating in exchange activities have a low cost, and everyone knows: there will be an additional batch of tokens released at the scheduled time, so it’s better to sell early rather than take on someone else's selling pressure. Therefore, it's not surprising that prices fell first; in fact, it aligns well with real trading behavior.
Especially for activities like those on Bybit, most participants lean towards short-term trading and arbitrage, with a simple goal—turning the tokens into cash; they don't tend to get caught up in long-term value. As long as this expectation develops a consensus in the market, it's actually a natural outcome for prices to weaken ahead of time.
So looking back, this round from 1.1 to 0.7 seems more like the market has digested the Bybit rewards in advance rather than being suddenly hit when they were unlocked. Those who understand should have hedged or opened a short position early on.
Now, at this 0.8 position, can it hold?
It basically depends on the performance after the Binance trading competition ends. The Binance event ends at Christmas, and if the event stops, trading volume decreases, and prices loosen, it likely indicates that this is not the endpoint.
In the next few days, there’s really no need to overthink it; just watch the trend after the Binance event ends. If it doesn’t go up, it’s likely to crash. At that time, assess the situation and open positions accordingly.
Disclaimer: Includes third-party opinions. No advice. Binance AI may be used without guarantee. See T&Cs.